NEW YORK, March 16, 2021 /PRNewswire/ -- Endicott Growth Equity Partners, L.P. (EGEP), an investment fund focused exclusively on the information services, data, and analytics sector, today announced an investment in Deerfield Beach, Florida-based GovSpend (www.GovSpend.com; the "Company"). On January 4, 2021, Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, Missouri, announced that it had partnered with GovSpend's management team to recapitalize the Company. GovSpend is a leading provider of government spend intelligence solutions to thousands of government vendors and agencies. Terms of the transaction were not disclosed.
GovSpend's web-based platform provides clients with easy access to unparalleled depth and breadth of purchase order data, bids and RFPs, contracts and contacts – nearly one billion records in all – from 30,000 local, state, and federal government agencies. For government agencies, the Company's rich database enables critical procurement functions such as vendor sourcing, price benchmarking, and co-procurement. For government vendors, GovSpend's subscription-based solutions enable competitive intelligence, sales planning, RFP response, and agency outreach.
Jeff Rubenstein, Founder and CEO of GovSpend commented "We are pleased to partner with Endicott as we enter our next phase of growth, both organically and via M&A. The Endicott team brings demonstrable experience in building data and information service businesses and will add tremendous value to GovSpend. Backed by the combined expertise of our new partners, we look forward to accelerating our product roadmap and improving intelligence and efficiency in the government procurement process for our customers."
Will Pappas, Founding Partner of EGEP commented "Our goal is to partner with companies such as GovSpend that provide mission-critical data embedded in the workflow of their clients. We look forward to working closely with the management team and partnering with Thompson Street on expanding GovSpend's industry-leading solution for government vendors and agencies."
Dan Cooper, Vice President at TSCP, commented, "Thompson Street is excited to partner with Endicott given their depth of experience in information services. Endicott's focus on building value in information services organizations aligns well with TSCP's invest-for-growth approach."
Bringing his previous experience as Chief Revenue Officer of S&P Global Market Intelligence and SNL Financial, and as a board member at Reorg and Real Capital Analytics, Will Pappas will join the GovSpend Board. Robert I. Usdan, Co-Founder of Endicott Group and board member at MANTL, American Business Bank and Metropolitan Commercial Bank, will serve as an Observer to the Company's Board.
About Endicott Group and Endicott Growth Equity Partners
Founded in 1996, Endicott Group is a New York–based investment firm with deep private equity experience. Through Endicott Growth Equity Partners, L.P., the firm invests exclusively in technology-enabled, business-to-business companies providing critical data and analytics to companies across the globe. A value-added investor, EGEP brings considerable expertise to the information services sector and partners with management teams and other shareholders to build strong companies that realize their growth potential and maximize value. For more information: www.endicottgp.com.
SOURCE Endicott Group